FRANKFURT, Germany — The European Central Bank left interest rates unchanged today, even as bank President Jean-Claude Trichet warned of slowing growth amid high inflation and the spreading financial crisis.

“Economic activity in the euro zone is weakening,” Trichet told reporters, adding that the outlook was subject to “increased downside risks.” His comments led analysts to predict a rate cut is on the way.

Trichet said the bank’s governing council decided unanimously to leave its refinancing rate at 4.25 percent — after weighing their choices.

“We have examined two options. One, interest rates unchanged. Another one, decreasing interest rates,” Trichet told reporters after the announcement. “Our unanimous conclusion is that we were right in maintaining interest rates as they are.”

Trichet said the turmoil that has plagued markets since last year and exploded last month with the meltdown on Wall Street figured prominently in the bank’s considerations.

“We discussed extensively the recent intensification of the financial market turmoil and its possible impact on economic activity and inflation, recognizing the extraordinary high level of uncertainty stemming from the latest developments,” he said.

Trichet’s comments helped push the euro to a nearly 14-month low against the dollar, dropping to $1.3745 before edging higher to $1.3826. The last time it was lower was on July 10, when a euro bought $1.3714.

The concern, and Trichet’s frank comments, left analysts convinced that the bank will have to make a move soon.

Joerg Kraemer, chief economist at Commerzbank AG, said even though inflation is running at an estimated 3.6 percent, still well above the ECB’s own target of just below 2 percent, Trichet’s comments took a giant step toward a rate cut.

“The ECB is now saying that the inflation risks have eased. Trichet even sees the development of long-term inflation expectations as positive,” Kraemer said, noting that the “euro zone is on the brink of a recession.”

“The many concerns about the economy have evidently caused the bank to reappraise the situation,” Kraemer said.

When such a cut could come, and how much, remains unclear.

“On the basis of what we have just heard, we think that if the ECB wanted to cut in November, they would have been clearer on the matter,” Aurelio Maccaro, chief euro zone economist for UniCredit in Milan, wrote in a research note. “However, after today’s meeting, we are left with the belief that a rate cut by the end of the year is a virtual certainty.”

Trichet defended the decision to remain steady at the seven-year high that interest rates have been at since July, but acknowledged that the ongoing market crisis was weighing heavily. Trichet also stressed the need to fight inflation.

The 15-nation euro zone is fighting high inflation, low growth and dim short-term prospects for consumer and industrial demand as the global financial crisis unfolds.

Higher interest rates can help fight inflation but they can also make it harder for businesses to borrow and expand, with growth slowing as a result.

Instead of cutting rates, the bank so far has addressed the financial crisis by increasing its short-term lending to banks fearful of lending money to each other, fulfilling its role as lender of last resort.

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